ICE Canola Edges Higher In Thin Trade
| 1 min read
|
|
| By Phil Franz-Warkentin, Resource News International |
| August 30, 2010 |
| Winnipeg – ICE Canada canola futures were holding onto small gains Monday morning in thin trade, seeing some follow-through on last week’s strength.
Wet weather across many areas of western Canada delayed harvest operations over the weekend, raising concerns that the crop could face frost risks down the road. Calls for a higher start in the CBOT soy complex, along with overnight advances in Malaysian palm oil, were helping underpin canola as well, according to traders. Short-term technical signals were also said to be pointing higher, after last week’s rally. However, a trader said the market could soon be running into upside resistance, especially as farmer selling will soon be picking up. The Canadian dollar was stronger Monday morning, tempering the gains in canola. A firmer currency cuts into domestic crush margins and makes canola more expensive to export customers. About 255 canola contracts had traded as of 8:39 CDT. Western barley futures were untraded and unchanged Monday morning. Prices in Canadian dollars per metric ton at 8:39 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 464.90 | up 2.40 | |
| Jan | 468.20 | up 1.70 | |
| Mar | 469.00 | unch | |
| Western Barley | |||
| Oct | 175.00 | unch | |
| Dec | 183.00 | unch | |
